Equity Analysis

National Grid: FY25/26: National Grid Commits £70bn to UK and US Infrastructure Growth

Earnings/Sales releases National Grid reported FY25/26 results in line with expectations, with underlying EPS of 78p, implying 6% growth YoY. Management struck a constructive tone on the new RIIO-T3...

Eiffage: Soft Q1 as German energy tailwind fades

Earnings/Sales Releases Eiffage's Q1 2026 print is the first genuinely soft quarter the group has delivered in some time. Headline revenue of €5.65bn was up just +0.6% YoY , a sharp step down from...

Troubling Parallels at Cisco Systems

Exactly twenty-six years ago, just before the dot-com bubble burst, Cisco held the crown as the world's most highly valued company, accounting for 5% of the Nasdaq index on its own.

Snam: Robust Q1 26 Supports Guidance Despite Middle East Tensions

Earnings/Sales releases Snam delivered a strong Q1 2026 performance, with adjusted EBITDA up 9% YoY to €775m , primarily driven by regulated revenues, which accounted for 87% of the total. The...

Itv: A promising start to the year, clouded by protracted Sky negotiations

Earnings/Sales releasesITV has just published rather good Q1 results with an attractive outlook for Q2. We expect a slightly positive share price reaction due to the strong outlook on Advertising and...

Saudi Cement Is Trapped in a Margin-Killing Price War

Chronic regional oversupply and a silent collapse in export revenue have trapped Saudi Cement Company in a brutal price war. Will this prompt disgruntled investors to dump the stock?

United Spirits Loses Buzz Despite Premium Boom

United Spirits Limited sits at the heart of India's premium drinking shift, riding stronger consumer wallets while quietly spending more to defend its ground. The stock tells a more cautious story,...

Hera: Q1’26: Resilient performance as organic growth normalises

Earnings/Sales releases A stable Q1, with broadly flat Ebitda across the three divisions: Energy up 2%, Waste up 0.5% and Networks down 2%, a solid performance given Q1’25 benefited from c.€33m of...

Allianz: Strong start to 2026, driven by P&C and asset management

Earnings/Sales releases Allianz reported a solid set of results, particularly in Property & Casualty and asset management, while Life & Health performance was more mixed, partly due to a high...

Adecco: Growth acceleration, mixed margins

Earnings/Sales releases Q1 2026 confirms further acceleration in organic revenue growth, supported by continued market share gains and primarily driven by the Adecco GBU. However, the Profitability...

E.ON: Q1 26: Solid Energy Networks growth, uncertainty over RP5 persists

Significant newsE.ON delivered a Q1 2026 performance slightly above expectations, with adj. EBITDA of €3.3bn . Growth was modest, reflecting continued investment-led expansion in Energy Networks...

Zurich Insurance Group: Strong 1Q26 update: P&C momentum builds, life margins expand

Earnings/Sales releases Zurich reported a strong performance in Q1. In P&C, like-for-like growth accelerated significantly. The outlook remains supportive, with management making encouraging comments...

Verbund: Q1’26: Hydro weakness persists, dragging overall performance lower again

Earnings/Sales releases Verbund reported Q1 2026 results broadly in line with expectations, with EBITDA down 26% YoY to €535m, mainly due to exceptionally weak hydro conditions and lower achieved...

Siemens: Orders echo demand sentiment; confirmed targets priced in; new €6bn buyback announced

Earnings/Sales releases Siemens posted a notable beat on orders, largely driven by strong demand in Datacenters alongside improving momentum in Automation. Revenues and profits were slightly below...

TUI Group: Resilient core demand defies external volatility

Earnings/Sales releases TUI concluded Q2 with stable revenue and a reduced underlying EBIT loss, successfully absorbing several one-off negative impacts. While the company noted a shift towards...

LEG Immobilien: Rents climb as interest rate uncertainty persists

Earnings/Sales releases LEG delivered a solid Q1 with strong rental-driven growth and clear operating leverage, but cash earnings remain temporarily constrained by capex phasing. While the group...

H Lundbeck: Strong Q1, but long-term growth uncertainty hovers over valuation

Earnings/Sales releases The Q1 performance exceeded consensus, but with the aid of one-off gains. Growth continued to be driven by Vyepti, Rexulti and the Abilify franchise. The management raised its...

ABN Amro: Q1: Cost-driven beat points to costs guidance upgrade

Earnings/Sales releases ABN’s Q1 pre-tax income beat consensus by 22%, fuelled by a massive cost beat that lowered 2026 opex guidance to €5.5bn. Fee income jumped 20% via HAL consolidation and...

Jenoptik: Jenoptik Q1 2026: Semiconductor momentum drives margin expansion

Earnings/Sales releases Jenoptik delivered a strong start to FY2026, with Q1 results highlighting accelerating demand in semiconductor equipment markets and improving profitability across core...